Windjammer Fund Sets Sail At $726M

The firm, which is based in Waltham, Mass. and Newport Beach, Calif., is led by managing principals Robert Bartholomew and Costa Littas. Calls to Bartholomew and Littas seeking comments on the fund closing were not returned by deadline.

Fund IV’s predecessor, the 2006-vintage Fund III, raised $573 million in capital in 2006 and has performed well. Fund III has produced a net IRR of 16.7 percent and a net return multiple of 1.5x, according to June 2012 data from the Pennsylvania Public School Employees’ Retirement System, which committed $50 million.

Windjammer invests primarily in the equity and subordinated debt of mid-market companies, mainly as control investors. Investments typically range from $30 million to $140 million each, according to the firm’s Web site, and the firm targets companies in advanced manufacturing, specialty distribution and business services. The firm, which was founded in 1990, manages $1.8 billion in capital overall.

Investors in Fund IV include the Minnesota State Board of Investment and the Pennsylvania Public School Employees’ Retirement System, each of which committed $100 million, the San Francisco Employees’ Retirement System, which committed $30 million, and the Los Angeles Fire & Police Pension System, which pledged $20 million.